Logistics management platform Locus said it has raised $2.75 million in Series A funding led by Exfinity Venture Partners with participation from Blume Ventures, BeeNext and Rajesh Ranavat MD of Fung Capital.
Existing investors also participated in this round, the company said in a press release.
The start-up received seed funding from growX, Bhupen Shah, Manish Singhal, Amit Ranjan and others mid last year. Locus enables enterprises with technology to manage their deliveries, with features including, automated smart dispatches, tracking, and fleet visualization, proprietary geocoder and proprietary route deviation engine. The funding will be used to strengthen its technology offerings and expand the team.
Locus helps local companies and enterprises in courier, e-commerce, food delivery, FMCG and other verticals to optimize their logistics. The start-up offers two capabilities to clients - to Build - using a cluster of APIs, to enable developers embed it into their apps, and track delivery using Locus' platform, and to Customize, that large clients can brand for themselves.
Balakrishnan V, Chairman, Exfinity Venture Partners and ex CFO of Infosys, will join the Locus board.
"The logistics industry in India is evolving rapidly and it is the interplay of infrastructure, technology and new types of service providers that will define whether the industry is able to help its customers reduce their logistics costs and provide effective services," Balakrishnan said.
Locus was founded mid last year, by Nishith Rastogi, BITS Pilani alumnus, and Geet Garg of IIT Kharagpur, who worked together at Amazon, and has emerged from RideSafe, an app they built over a route deviation engine for travel safety for women.
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